BE: Crusoe Wyoming Data Center Paused

Research evidence excerpt

BE: Crusoe Wyoming Data Center Paused

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Christopher Dendrinos, CFA (Analyst)

Laura Deng (Senior Associate)

June 9, 2026

Bloom Energy Corporation

Crusoe Wyoming Data Center Paused

NYSE: BE | USD 259.61 | Outperform | Price Target USD 335.00

Sentiment: Neutral

Our view. It's unclear at this time why Project Jade (Crusoe WY) is being paused, though Crusoe has indicated it came at the

request of its customer. BE is providing 900 MW of fuel cells for the project, but we do not believe this will impact its outlook.

The site also proposes using 2 664 MW MHI M501JAC CCGTs, 3 51 MW GEV LM6000 aeroderivatives, 13 34.5 MW GEV LM2500

aeroderivatives, 1 Pro Energy (PE) 6000, and 24 temporary 34.5 MW GEV LM2500 aeroderivatives.

In the same area, Microsoft has been actively purchasing land to expand its existing datacenter footprint and on June 8, the

company met with City Council members to propose the annexation of 3.5k acres of land to expand its campus. However, this was

met with some community push back, and the proposal is still pending approval.

Public opposition against datacenters in WY has been building and in prior weeks Cheyenne City Council rejected a proposed

12-month moratorium on new datacenters and at the same time the state governor signed an EO establishing a WY datacenter

development framework “Data Centers the Wyoming Way,” focused on attracting investment while protecting ratepayers, natural

resources (water), local communities (sustainability), and transparency.

Development delays due to community push back has been growing and BE customers have not been immune to these challenges.

However, this has also created opportunity for the company. BE's solution offers lower noise levels, no water usage, and a cleaner